NEW YORK (AP) -- Shares of Peabody Energy declined Friday after the coal company announced that an earnings measurement for 2013 will be lower than initial targets because of a mine-related delay and labor stoppages.
Peabody Energy said that its full-year adjusted earnings before interest, taxes, depreciation and amortization will be about $60 million to $80 million lower than its prior forecast for $1.07 billion to $1.15 billion. The company said that part of the reason is because of delays in final commissioning of the new longwall top coal caving system at the North Goonyella Mine.
The North Goonyella Mine is an underground longwall coal mine located at the northern end of the Bowen Basin in Australia.
The figure was also impacted by a labor stoppage at the Metropolitan Mine, which has since been resolved. Peabody Energy said that work stoppages at the Metropolitan Mine in Australia occurred into November until a new labor deal was signed. The mine is now fully operational.
The company said its previous outlook excluded any effects from its settlement agreement with Patriot Coal and the United Mine Workers of America.
Peabody Energy Corp.'s stock fell 87 cents, or 4.6 percent, to $18.26 in afternoon trading. The shares have traded in a 52-week range of $14.34 to $27.74.
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